Max Specialty Insurance has agreed to acquire a US-based admitted insurance company licensed to write business in all 50 states plus the District of Columbia.
Upon completion of the transaction, which is subject to regulatory approval, Max Specialty’s underwriting team will be able to write both admitted and non-admitted business.
The acquired operation will primarily support the Max Specialty team’s previously announced entry into Inland & Ocean Marine underwriting. Financial terms of the transaction were not disclosed.
Stephen Vaccaro, president and CEO of Max Specialty Insurance Company, said: This acquisition will give the Max Specialty team the ability to write business on a nationwide basis. We expect that ability to enable our producers to write more business for more customers, as some of our specialty products are best served in the admitted marketplace.